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A rapidly expanding field brimming with innovation, investment prospects abound. This dynamic sector has not only reshaped traditional industries but also paved the way for novel avenues of growth through digital markets and enhanced productivity. Notably, the Nigerian banking and financial sector have undergone a profound revolution, reflecting the transformative impact of ICT. Statistics speak volumes, with ICT contributing a remarkable 16.22% to the GDP in Q4 of 2022, while boasting an impressive broadband penetration rate of 44.5%. Looking ahead, ambitious targets have been set, with a lofty aim of achieving 70% 5G broadband penetration by 2025.

Sector Specific Incentives

GSM licenses: 5-year exclusivity, international gateway: 3 years Pioneer status: 3 years, renewable option for additional 2 years

Industry Tailored Benefits

Import duty on all telecom equipment reduced from 25% to 5% Free repatriation of profits and dividends

Investment Avenues

Navigating the legislative and regulatory landscape of the ICT industry is essential for savvy investors eyeing opportunities in this burgeoning domain. The cornerstone legislation guiding this sector is the Nigerian Communication Act of 2003, which delegates regulatory authority to the Nigerian Communication Commission. However, recent developments signal further regulatory evolution, notably with the proposal of the National Information Technology Development Agency Act 2021. This forward-thinking bill, if enacted, promises to overhaul the regulatory framework, mandating licenses for technology companies, expanding the oversight of regulatory bodies, and catalyzing the growth of Nigeria's IT sector. Amidst this regulatory evolution lies a spectrum of investment opportunities, from telecommunication services and IT component manufacturing to broadband expansion and ICT research and development initiatives.

Regulatory Authorities

Federal Ministry of Communication & Digital Economy

National Broadcasting Commission (NBC)

Nigerian Communications Commission (NCC)

National Information Technology Development Agency (NITDA)

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